Oil prices continued to decline on Wednesday after steep falls in the previous two trading sessions, with markets closely watching efforts to end the US-Iran war and restore shipping through the Strait of Hormuz.
Brent crude futures dropped 92 cents, or about 1.2%, to $78.44 a barrel. They have tumbled more than 12% for the week thus far.
US West Texas Intermediate futures lost $1.07, or 1.4%, to stand at $74.70 a barrel and are down more than 11% this week.
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